Politicians enjoy more than 6 weeks of the summer in recess and teachers step away from the classroom for 13 weeks of the year however half of the UK’s small business owners are taking fewer than 6 days annual holiday according to new research.
The study by Aldermore also revealed that one in five SME business leaders neglect to take any time off at all. Even when they do take a well-earned break most small business bosses find it hard to relax as 35 per cent complete outstanding work while away and nearly a quarter (24 per cent) still answer calls and emails according to the SME Future Attitudes report.
Londoners have been revealed as the worst culprits, with 30 per cent failing to switch off from their business whilst on holiday. That’s compared with 25 per cent of Scots.
Carl D’Ammassa, Group Managing Director, Business Finance at Aldermore, said:
“Small business owners are clearly passionate about what they do, so it is no surprise that they find it hard to leave work behind when they are meant to be on holiday. We also know that in this modern day and age it can be a challenge to totally switch off from work as technology has made it so much easier to stay in touch.
“It is however worrying that so many business leaders do not take their annual leave entitlement. Their entrepreneurial spirit and hard work is vital to the success of not only their own business but also the wider UK economy. It is crucial they take proper breaks to achieve a good work life balance and avoid burn out. Enjoying well-earned time off to recharge their batteries could bring a fresh perspective to their business thinking.”
The figures are released as new research has sought to prove that time, not material goods raises happiness.
Psychologists in the US, Canada and the Netherlands have published findings of their research into whether money can increase happiness levels by freeing up time.
They asked more than 6,000 adults in the US, Canada, Denmark and the Netherlands, including 800 millionaires, questions about how much money they spent on buying time.
They found that fewer than a third of individuals spent money to buy themselves time each month. Those who did reported greater life satisfaction than the others.
The researchers then devised a two-week experiment among 60 working adults in Vancouver, Canada that involved participants spending cash on material goods one week and then time saving activities such as cleaning services and lunches delivered to work.
Time saving rather than buying material purchases was found to be the key to increased happiness by reducing feelings of time and stress.
So, business owners what are you waiting for? Time to take that well deserved break!